Georgia to use smart contracts in real estate registrations
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Georgia is taking steps to introduce smart contracts in real estate registrations that can help enhance transparency and efficiency and reduce costs.
A smart contract is a computer protocol intended to digitally facilitate, verify, or enforce the negotiation or performance of a contract. Smart contracts allow the performance of credible transactions without third parties. These transactions are trackable and irreversible.
The Georgian National Agency of Public Registry has already started working on this direction.
It is already possible in Georgia to register land titles in Bitcoin blockchain. Georgia has therefore become one of the first countries to use the Blockchain platform to complete property-related government transactions.
Last year, the Georgian National Agency of Public Registry signed a new memorandum of understanding with Bitcoin mining company Bitfury Group to develop and use a system for registering land titles.
Blockchain technology will bring security to real estate transactions because there is no central point of failure. The ledger is distributed among many computers, so a would-be hacker would need to simultaneously attack at least 51 percent of the network in order to fraudulently alter records.
The production of bitcoins and blockchain technologies are very well developed in Georgia and furthermore, the country is among the leaders in this field, believes a World Bank delegation to Georgia.
Harvard Business School is going to use Georgia’s experience of implanting blockchain technologies for its own purposes. The representatives of Harvard Business School are already working on a document about on the implementation of blockchain technologies based on Georgia’s example.
The upcoming International Blockchain Summit will show a presentation about Georgia and how the country successfully implemented the blockchain technology.
Georgia has become one of the first countries in the world to use the Bitcoin currency and platform to complete property-related government transactions.
Speaking at the Constituency Meeting organised by the International Monetary Fund and the World Bank in Croatia, Mamuka Bakhtadze presented his views on existing possibilities and challenging with regards to financial technologies.
The Georgian Education Ministry and global leading technology company Input Output HK Ltd have signed an agreement earlier today to use revolutionary blockchain data technology in the Georgian education field.
Demand for residential real estate across Georgia is increasing along with prices on houses and flats, the National Bank of Georgia said in its latest real estate sector study, published on Tuesday.